BP has bought a 30% stake in the UK’s largest provider of hydrogenated vegetable oil (HVOs) as it looks to transition away from diesel usage in transport.
The investment in Green Biofuels expands BP’s biofuels portfolio, as well as its lower carbon solutions for customers.
It follows a 28.57% acquisition in Gasrec at the end of 2021, expanding the oil giant’s footprint in renewable gas production and distribution in the UK.
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Green Biofuels said its products provided businesses the time to transition to new technologies and that they were proven economically and operationally.
HVO products such as HVO Gd+, can be used in diesel engines without the need for modifications or capital expenditure and BP said HVOs have the potential to support lifecycle emissions reductions in many sectors.
It said diesel engine operators can typically make lifecycle greenhouse gas emissions of 87% through using HVOs, as well as improve local air quality.
Sven Boss-Walker, BP senior vice president for refining and products trading, said: “We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market, providing their customers with solutions to help them take steps to decarbonise today.”
